News: New Hope Corporation FY profit drops

.

New Hope Corporation Ltd (ASX:NHC) has recorded a 91 per cent drop in full year earnings to $183.8 million, falling from $1.95 billion the year before.

Last month the coal miner advised it expected its fiscal 2010 profit to rest between $175 and $185 million.

The company's result the year before was boosted with the sale of $1.7 billion of coal assets.

In the 12 months to 30 June, production volumes increased by 15.2 percent to 5.92 million, while total revenue increased to near $745 million, up from $700 million the year before.

New Hope Corporation has declared a final fully franked dividend of 4.5 cents, in addition to a special dividend of 14 cents, both to be paid on 9 November 2010.

The coal miner says 2011 production guidance is for around 6 million tonnes, subject to finalising contracts with major Asian customers and the availability of rail capacity.

New Hope Corporation booked a profit of $111.58 million for the six months to 31 January 2010